Stifel Financial Corp Boosts Holdings in M&T Bank Co. (NYSE:MTB)

Stifel Financial Corp raised its position in shares of M&T Bank Co. (NYSE:MTB) by 11.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 393,624 shares of the financial services provider’s stock after purchasing an additional 39,759 shares during the quarter. Stifel Financial Corp’s holdings in M&T Bank were worth $70,113,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Hedeker Wealth LLC raised its stake in shares of M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after acquiring an additional 55 shares during the period. Frank Rimerman Advisors LLC increased its position in M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 57 shares in the last quarter. Crestwood Advisors Group LLC increased its position in shares of M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after acquiring an additional 57 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the period. Finally, Meitav Investment House Ltd. boosted its holdings in M&T Bank by 3.1% in the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 69 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Piper Sandler boosted their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday. Bank of America raised their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the company from $220.00 to $230.00 in a report on Monday, November 25th. Finally, Wells Fargo & Company raised their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $209.32.

M&T Bank Price Performance

NYSE MTB opened at $211.24 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The company has a fifty day simple moving average of $199.53 and a 200 day simple moving average of $173.51. The company has a market cap of $35.05 billion, a P/E ratio of 15.64, a P/E/G ratio of 3.02 and a beta of 0.76. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. On average, sell-side analysts predict that M&T Bank Co. will post 14.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.56%. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. This represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,994 shares of company stock worth $17,211,278. 0.82% of the stock is currently owned by company insiders.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.